Under Armour Inc. was betting it could dance with Nike and Adidas at the hot sneaker prom. It was not to be.
The sports clothing label reported a 2 percent decline, to $237 million, in footwear revenue for the quarter, compared with a 58 percent jump over the same period in 2016. Those numbers are a bigger disappointment than they sound, since in recent years the brand has sought to sharpen its image with a sexy sneaker lineup that would draw shoppers away from rivals. Looking to regain its swagger by finding growth—especially in its important sneaker business, Under Armour has been left humbled.